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Abu Dhabi: Abu Dhabi-based Mubadala Development Company (Mubadala) said yesterday it has completed the acquisition of Pearl Energy, a Singapore-based oil and natural gas exploration and production company, from Aabar Energy.
Mubadala did not say what price it had paid to acquire Pearl. However, the chief financial officer of Aabar, Mohammad Badawy Al Husseiny, told Gulf News that the value of the transaction was $833.3 million, and that the sale of Pearl has generated profit in excess of $100 million for Aabar, subject to working capital adjustments.
A spokeswoman for Mubadala was unavailable for comment.
Pearl holds participating interest in 21 contract areas in Indonesia, Thailand, the Philippines and Vietnam and had a net production of approximately 19,000 barrels of oil per day at the end of 2007.
"This transaction is part of Mubadala's strategy to become an active operator in the international upstream petroleum sector," Mubadala said.
Mubadala's interests include oil and gas assets in Qatar, Oman, Libya and Algeria, as well as power utilities and renewable energy solutions through the Masdar initiative.
"We will leverage our current oil and gas assets, reserves and experience to establish an international exploration and production platform," the company said
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